Famous analysts commented: This data is important for the altcoin rally!

The decline in #Bitcoin market share, combined with the striking comments of crypto analysts, instilled hope in altcoin investors.

“Bitcoin dominance has probably reached its peak,” cryptocurrency analyst Michaël van de Poppe wrote in an X post published on May 1. “The bottom is probably in for altcoins,” he said. “Altcoins are starting to wake up in Bitcoin pairs, which means the movement has started,” he added.

A decline in Bitcoin's dominance could signal that a potential altcoin rally is on the horizon as investors move their capital into altcoins, which tend to move more than Bitcoin.

Popular cryptocurrency analyst Matthew Hyland stated that he would wait for the weekly close before confirming or denying the “collapse,” adding, “Bitcoin dominance is losing its major support point.”

According to TradingView data, #Bitcoin dominance, which measures Bitcoin's share in the total crypto market, was recorded at 53.90 percent. Dominance is down 1.75 percent in the last seven days but is still up 4.63 percent year-to-date.

“Bitcoin dominance is declining,” IncomeSharks wrote in a May 1 post on X. If the price continues to fall for several months, altcoins may take advantage. “Many altcoins are doing surprisingly well today,” he said. The decline in market share occurred as Bitcoin's price decreased by 10.44 percent in the same seven-day period.

Rising fear levels indicate uncertainty in the market. This may cause investors to direct their funds to Bitcoin instead of riskier crypto assets. According to The Crypto Fear and Greed Index, May 1 reflects the highest level of fear among crypto market investors so far this year. On May 1, the index score representing the emotional sentiment of the market fell to a “fear” level of 43, from a “neutral” score of 54 the previous day.